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Goods and Services Tax : Explore the implications of Section 16(2)(c) of the CGST Act, balancing taxpayer rights and government revenue in Input Tax Credit...
Goods and Services Tax : Learn about Section 128A of CGST Act, introduced to reduce litigation in non-fraud cases, covering tax waivers, notified dates, co...
Goods and Services Tax : Learn how to address GST notices on excess ITC claimed in GSTR-3B compared to GSTR-2B with structured replies, reconciliation step...
Goods and Services Tax : The article analyzes the key GST provisions for e-commerce, focusing on regulatory frameworks, compliance requirements, and associ...
Goods and Services Tax : Haryana revives entry tax after 8 years, sparking legal concerns. Understand the implications, recovery limits, and legal remedies...
Goods and Services Tax : The GST Council has deferred decisions on insurance premium taxation, granting more time to the GoM to finalize its recommendation...
Goods and Services Tax : Tirumala Tirupati Devasthanam gets GST exemptions on religious services, but GST of ₹36.28 crore was paid in 2024-25. Details of...
Goods and Services Tax : NBEMS stopped collecting GST on course fees per court order. Refund processing has begun, but no enquiry has been instituted. Deta...
Goods and Services Tax : Tobacco tax revenue contributed 1.27%-2.75% of Gross Tax Revenue from 2016-2024. Funds are allocated across government programs, i...
Goods and Services Tax : The GST Council deferred a decision on reducing GST on health and life insurance premiums in its 55th meeting as GoM sought more t...
Goods and Services Tax : Supreme Court rejects SLP of Goverdhandham Estate against Rajasthan HC's decision in GST dispute over ITC eligibility on elevators...
Goods and Services Tax : Madras High Court directed granting of one final opportunity of being heard as demanded by assessee on payment of 10% of the dispu...
Goods and Services Tax : Petitioner runs a hotel and registered under GST. It was issued a notice in GST ASMT-10 intimating certain discrepancies which sta...
Goods and Services Tax : Kerala HC orders IGST refund decision within two months, reviewing the petitioner’s “risky exporter” status. Refund claim pe...
Goods and Services Tax : Orissa HC directs refund of GST differential amount for a contractor despite a locked payment system, ensuring reimbursement withi...
Goods and Services Tax : CBIC detects Rs. 18.10 crore GST evasion in real estate and organizes a CPR training workshop for officers. Post-Budget discussion...
Goods and Services Tax : Maharashtra establishes GST Suvidha Kendra for Aadhaar-based biometric authentication and document verification for new GST regist...
Goods and Services Tax : Clarified procedure for appeals under Section 128A of CGST Act 2017, addressing disputes on interest and penalty where tax is full...
Goods and Services Tax : GST applicants in Maharashtra & Lakshadweep must complete biometric Aadhaar authentication & document verification at GST Suvidha ...
Goods and Services Tax : GST advisory clarifies E-Way Bill rules for goods under Chapter 71, excluding HSN 7117. Mandatory in Kerala; voluntary EWB generat...
GST on gold industry has been pegged at an 5% rate. Due to GST, there will be no distinction between manufacturing and trading, no separate books, will be required to maintain. Moreover it will also reduce the cascading tax effect. The various aspect of jurisprudence, on gold jewellery, is discussed which may be helpful to the trade.
In addition, as per GST law, certain categories of registered persons will be required to deduct taxes while making payments to supplier i.e TDS and deposit it with government. Let’s try to understand TDS related procedures under the revised law.
Eight States have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month’s time.
GST Professionals take pride in releasing its latest May’ 2017 edition of GST Book titled – Simplified Approach to GST – A Ready Referencer authored by CA Raman Singla covering the latest GST laws and simplistic presentation of GST Acts and Rules.
To determine the value on which GST would be levied has been described in the Chapter IV of CGST ACT, 2017. The Provision says that there are five items such as taxes under other statutes, interest or late fee for the delayed payment of consideration, incidental expenses, subsidy etc, which should be included in the transaction value. There is one exclusion i.e. Discount which should be excluded from the Transaction Value. However there are certain transactions (such as barter, exchange, transaction with related parties, transaction between principal and agent) for which we have to refer to the valuation rule prescribed under GST Act. Different scenario under which we have to refer Valuation rule has been provided in the PPT enclosed. Detailed provisions of Transaction Value u/s 15 of the CGST act are as under:
An important determinant of the tax incidence under GST will be the GST rate applicable to the textile segments. While the final GST rates are yet to be announced, even at the 12% lower rate recommended by the Dr. Arvind Subramanian Committee, the textile sector is likely to be negatively impacted.
any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government;
GSTR-3 is a consolidated return filed by the taxpayer based on GSTR-1 and GSTR-2. GSTR-3 provides the details of tax liability for a given tax period and details of tax paid. GSTR-3 provides details of gross turnover, export turnover, exempted domestic turnover, Nil rated turnover, Non GST turnover and Net taxable turnover.
The Electronic Cash Ledger contains a summary of all the payments made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST, and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee, and Others. It can be accessed under in the post-login mode on the GST portal under Services > Ledgers > Electronic Cash Ledger.
Receiver taxpayers are required to file GSTR 2 return (Statement of Inward Supplies) on a monthly basis in which they can accept, modify, reject, or keep pending the invoice level outward supplies information furnished by the supplier taxpayer in the GSTR 1 to prepare the details of inward supplies and credit or debit notes.
